Welcome back to Altcoins at Glance, your go-to source when you don’t have the time and still need to be updated with the altcoin market. For this week, the market is still trading sideways but it does not mean there is no exciting news.
Just give us five minutes to keep you updated.
Cardano Called a Zombie Chain, Altcoins at War
- Crypto influencer Evan van Ness called the Cardano (ADA) network a zombie chain. He describes himself as Ethereum’s Chief Decentralization Officer.
- He compared Cardano with Coinbase’s new Layer-two network BASE. He said that BASE has already surpassed Cardano in Total Value Locked (TVL) in just a couple of weeks.
- He called ADA dead and pointed out the network’s low transaction rate of just 0.5/sec. This points to low network utilization.
- Ethereum still ranks number one in terms of TVL.
PEPE Fiasco
- According to the PEPE team, 3 ex-members stole 16 million PEPE tokens worth $15 million.
- The tokens were transferred to different centralized exchanges like Binance and OKX.
- This fiasco has affected the token’s value which immediately dumped 15%.
- According to PEPE’s Twitter/X post, the bad actors were able to take hold of PEPE’s multi-sig wallet and were able to change the number of signatures required from 5 to just 2.
- Multi-sig wallets are supposed to protect funds by making sure that multiple permissions are needed before transactions can take place.
- Some investors fear that this could be a rug pull, which was refuted by the PEPE team.
Donald Trump’s NFT Rises in Value
- Former President Donald Trump’s NFT shot up in price after the release of his mug shot.
- The collections increased by 18.89 ETH ($31,429) and 9.88 ETH ($16,361).
- This is the first US presidential election wherein crypto and NFT are taking center stage in a candidate’s platform.
Cathie Wood’s Ark Invest Files for ETH ETF
- Ark Invest and 21Shares have filed for futures Ethereum ETF.
- The two ETFs are called ARKZ and ARKY.
- The two companies filed for a similar ETF in 2021, but was rejected.
- Bitcoin has several approved Futures ETFs, while ETH still does not have one.
- An approval might have a positive effect on all Altcoins.
Coinbase Adds PayPal’s PYUSD Stablecoin to Its Listing Roadmap
- Coinbase has announced that it will be adding PayPal’s new stablecoin, PYUSD, to its listing roadmap.
- The new stablecoin was revealed by PayPal earlier this month.
- PayPal users can buy the new stablecoin through the platform and convert it to other digital assets like Bitcoin.
- Coinbase’s roadmap was made for transparency.
New Ethereum Phone Sold Out
- A new Ethereum phone called ethOS is being received warmly by the ETH community.
- All pre-order units were sold out in 24 hours.
- Buyers who wish to get their hands on the new ETH phone need to mint specific NFTs for 0.39 ETH (about $650).
Thank you for joining us this week. Join us again next week for another edition of Altcoins at Glance. May your week be filled with a lot of gains.
